Oil and natural gas tumble

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Oil and natural gas tumble

By ADAM SCHRECK, AP Business Writer

Story Created: Jul 17, 2008 at 4:18 PM EDT

Story Updated: Jul 17, 2008 at 4:18 PM EDT

NEW YORK (AP) - Oil prices are tumbling for the third straight
day and natural gas futures are accelerating a sell-off amid growing concerns about the weakening U.S. economy.

Light, sweet crude for August delivery is down $3.50 at $131.10 a barrel on the New York Mercantile Exchange in extremely volatile trading. Oil is now down about $14 in the last three days.

Natural gas prices are also plunging.

Natural gas is trading down 82.6 cents at $10.572 per 1,000 cubic feet. It has tumbled more than 20 percent since its peak before the Fourth of July.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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Monday, Jul 21 at 10:28 AM East utica Driver wrote ...

Actually you are all right and wrong. The Gov't does not control Oil or its price BUT they do have a hand in what WE pay at the Pump. Balloon Buster is right when he/she says the Gov't wants to raise the tax on gasoline 10 cents..The Pres. doesn't care as you are all right he comes from Oil, so it is the poor and middle class Americans who suffer at the hands of our DEMOCRATIC Gov't (so called). It's a case of the rich get richer and the poor get poorer. It makes me literally sick!!

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Sunday, Jul 20 at 6:12 PM Balloon Buster wrote ...

Whenever anything good happens, it takes forever to trickle down. I heard gas stations were installing "stock market-type billboards to show the price of gas, like a ticker tape reading. But you'll still have to wait for the prices to go down. I figure 6 weeks before we see a drop, my guess, 10 cents per gallon, but wait, Congress wants to increase taxation of gasoline 10, did you hear?

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Friday, Jul 18 at 1:18 PM George W Bush wrote ...

Dear Face Full of Fur(you must be a middle eastren female)I agree, we in the goverment have nothing to due with the price of gas! There is no way I would help out all my friends and families that deal in oil! I am so glad there are people like you that we allow to vote! Keep the blinders on baby!

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Friday, Jul 18 at 12:57 PM GOv't wrote ...

doesn't set the price. Does that mean that the current Pres. won't possibly benefit as he is connected to oil men? No. But no, the prices won't drop because of greed. And I hardly think that at it's current price, that $14 is a tumble.

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Friday, Jul 18 at 12:53 PM Mom of 2 wrote ...

I work for an oil company, oil is going to skyrocket, natural gas, pellets, gasoline, suck it up people.

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Friday, Jul 18 at 11:42 AM facefur wrote ...

Why do you immediately assume the Government has anyhting to do with the price of gasoline? It should be obvious by this stage that neither the President nor Congress has much control over the oil market. I nthe owrld of oil and oil trading, the U.S. Government is just another wimp.

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Friday, Jul 18 at 9:48 AM big deal wrote ...

Ifcrude oil prices are going down, how come gas prices are not going down. When that barrel of oil is going up (or even anticipating it will) gas prices go through the roof. It is a crooked government we have!

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